LG CNS, an IT service provider under LG Group, has won an order to establish a blockchain open platform from the Korea Minting, Security Printing & ID Card Operating Corp. (KOMSCO) on June 10. This is the first public blockchain platform in South Korea. The KOMSCO intends to issue digital gift certificates, which are under consideration by all local governments in the nation, based on LG CNS’ own blockchain platform, dubbed Monachain.
The KOMSCO plans to provide key services, such as community token, digital authentication and document certification services, to the people using LG CNS’ new platform to be launched.
“Local currency service” is a type of digital gift certificates. It is a kind of virtual currency that can be laid up in digital wallets of mobile devices, like smartphones or tablets, for purchase. The biggest benefit of Monachain is “multi digital platform.” In short, it is a platform that can issue several types of digital gift certificates. Accordingly, a variety of digital gift certificates can be distributed in cooperation with local governments and universities without building additional platforms.
“Digital authentication service” allows users to authenticate their identity through biometrics alone, including personal identification number (PIN) or fingerprint on mobile devices. “Document certification service” enables to accurately distinguish whether a document is original or forged. Those who manage mainly paper documents can draw up, register, send and shred documents without forgery problems. LG CNS will refine the range of document certification services by jointly proceeding this project with the KOMSCO.
LG CNS also offers an anchoring service. It connects data saved in outside blockchain platforms with specific ones. Users can save data from other platforms on the KOMSCO’s blockchain platform using the anchoring service. In this way, users can effectively check multiple platforms whether documents are forged or not. It also doesn’t have any security problems because all the information are stored after being encrypted.
LG CNS is planning to launch this platform as a cloud. The KOMSCO’s blockchain platform will be combination of LG CNS’ Monachain platform and the cloud. LG CNS’ G-Cloud won a public cloud security certification for the first time in the information technology (IT) service industry at the end of March.
When a platform is established in a cloud, the sky is the limit when it comes to utilization. Other public institutions, local governments and universities can make the use of the platform via LG G-Cloud. Customized services can be also developed according to the need of each organization.
LG CNS will sign a formal contract with the KOMSCO by the end of this month and accelerate the establishment of the platform in earnest. The company is planning to strengthen its position as a blockchain platform service provider in the public sector through the project.